Israeli startup TriEye, developer of the world’s first CMOS-based Short-Wave Infrared (SWIR) sensing solution for mass-market applications, announces today that it has raised $74 million of new capital. The round was led by M&G Investments and Varana Capital, with the participation of Samsung Ventures, SDF (the investment arm of Tawazun Council), Deep Insight, Allied Group, and Discount Capital along with follow-on investors Intel Capital, Porsche Ventures, Marius Nacht and Grove Ventures. The round brings TriEye’s total funding to $96 million.
TriEye will use the funds to commercialize SEDAR (Spectrum-Enhanced Detection And Ranging), its imaging and ranging solution for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Leveraging the unique advantages of the SWIR spectrum along with TriEye’s proprietary low-cost design, SEDAR is the first complete solution capable of producing both HD image-data and a detailed depth-map in all visibility conditions. The SEDAR has generated significant interest from global OEMs in a variety of industries. Outside of automotive, TriEye’s cost proposition will also disrupt industrial markets, with commercialization beginning next year.
“We are proud to be the first to offer the advantages of SWIR sensing technology to multiple industries at a highly disruptive price point. Indeed, we believe SEDAR will change the automotive perception market as we know it today. And this is just the beginning,” said Avi Bakal, CEO and Co-Founder of TriEye, “thanks to the support of our new and existing investors, TriEye is accelerating its growth as we look to become a critical player in smart, safe, reliable, and cost-effective automated vision systems.”
Ezra Gardner, Partner at Varana Capital, said: “The vision systems market currently lacks necessary and vital image data. With TriEye’s game changing SWIR sensing technology, vision systems will gain an additional layer of information, reshaping how they operate and enhancing their capabilities tremendously.”
Carl Vine, Portfolio Manager at M&G Investments, added: “The autonomous market, among many others, is demanding technology that offers a new, safer, and more complete way to ‘see’ the world. This need is giving rise to extraordinary changes in the way we make and use the products and services that surround us. By re-imagining SWIR technology at a price point orders of magnitude below existing SWIR solutions, TriEye will play an important role in enabling higher levels of automation in the global economy.”
Since its founding in 2017, TriEye has continued to expand its capabilities and partnerships, collaborating with major manufacturers based in Europe, Asia, and the U.S., including Porsche, Continental, DENSO, and Trimble. Moreover, TriEye is working closely with leading players in additional mass-market applications, including automotive, biometrics, industrial imaging, agriculture, and heavy machinery, that until recently could not harness the benefits of SWIR sensing.
“TriEye’s CMOS-based SWIR sensor has the capability to enable superhuman vision at a fraction of the cost of existing SWIR systems with numerous applications across autonomous vehicles, medical and industrial.” said Samer Zawaideh, Head of M&A and Venture Capital at SDF.